Capital One Provides $30M Fannie Mae Loan to Refi Annapolis Affordable Community
McLean, VA-based Capital One has provided a $29.5-million Fannie Mae fixed-rate loan to refinance Bay Ridge Gardens, a 198-unit affordable housing rental community in Annapolis, MD, for sponsor Jonathan Rose Companies.
Capital One utilized Fannie Mae’s Enhanced Resident Services program, which reduces interest rates to offset the cost of providing resident services. Jonathan Rose Companies qualified for the program by obtaining a Certified Organization for Resident Engagement Services (CORES) Certification and committing to provide resident services for the duration of the loan term.
As part of the financing, the sponsor also committed to invest $36,000 per unit in renovations and acquired an adjacent single-family home for an expanded community center.
The seven-year loan will be amortized on a 30-year schedule with prepayment flexibility starting in its fifth year.
“Preserving existing properties is essential if we are ever to catch up with the demand for affordable housing,” said Evan Williams, Capital One SVP of agency finance.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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